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9/29/2016 12:36PM

Stumpf: I'm 'Fully Accountable' for Wells Fargo Practices

In remarks before a House committee hearing on Thursday, Wells Fargo CEO John Stumpf said he is “deeply sorry” and “fully accountable” for Wells Fargo's sales practices, adding "we should have done more sooner." Photo: AP

This transcript has been automatically generated and may not be 100% accurate.

... fraud is fraud theft is for after what happened at Wells Fargo ... the quarter's years cannot be described in the other way ... this is all I know that Wells Fargo represents an iconic brands I know that your bank has a very rich and proud heritage I also know that you have hundreds of thousands of good employees with nothing to do with this sordid affair ... to do good work in building their communities ... but this sordid affair does remind me why I trust markets and I do not trust individual companies ... Mr stop I regrettably have a mortgage with you back ... I wish I didn't ... if I was in the position to pay an awful word ... because you have broken my trust in you have broken the trust of millions of others ... it will be a long ... long time ... to earn that trust back ... I am ... deeply sorry ... that we failed to propel our responsibly to our customers ... to our team members and the American public ... I can fully accountable ... for all unethical sales practices and a retail banking business ... and fully committed to fixing this issue ... strangely our culture and taking the necessary steps and actions tree store ... our customers' trust ... we should have done more sooner ... but we don't we will not stop working until we get this right ... when I say I am accountable I'm referring to the actions are bored tore ... at my recommendation to forfeit the stock awards ... the largest part of my compensation for the past three years ... and any bonus this year ... as was my agreement to work with on salary ... until the board completes its investigation ... I respect and accept the board's decision ... ally Sen McConnell R also mean accountable for meeting Wells Fargo ... as a company in the stores the trust of customers ... team members and investors ...